Mkts Gain For 7th Session

Mumbai: Stock markets extended the winning run to seventh day on Wednesday with benchmark BSE Sensex jumping 520 points to close above 80,000 level for the first time in four months driven by strong gains in IT and auto shares.

The 30-share Sensex rose by 520.90 points or 0.65 per cent to settle at 80,116.49, the highest closing level since December 18. During the day, it surged 658.96 points or 0.82 per cent to 80,254.55. The NSE Nifty rallied 161.70 points or 0.67 per cent to 24,328.95.

“The Indian equity market sustained its positive momentum, driven by better outcome from the latest set of IT results and optimistic forward-looking comments. However, profit-booking was visible in financials after the recent sharp rally. While US-China trade tensions appear to be easing, a rally in US tech stocks has further bolstered overall global market sentiment,” said Vinod Nair, head (research), Geojit Investments Ltd.

The BSE midcap gauge climbed 0.94 per cent and smallcap index went up by 0.26 per cent.

Foreign fund inflows and positive global trends also boosted the market sentiment, analysts said. Among the Sensex firms, HCL Tech surged the most by 7.72 per cent after the firm posted an 8.1 per cent increase in consolidated net profit at Rs 4,307 crore for March quarter 2024-25, mainly on account of large deals with a total contract value of about Rs 25,500 crore. Tech Mahindra, Tata Motors, Infosys, Mahindra & Mahindra, Tata Consultancy Services, Tata Steel, Bharti Airtel and Maruti were also among major gainers. Banking shares witnessed a sell-off after recent sharp gains with leading private lender HDFC Bank dropping by 1.98 per cent to emerge as the biggest loser among Sensex shares. Kotak Mahindra Bank, State Bank of India, Axis Bank, ITC and UltraTech Cement were also among the laggards. In Asian markets, South Korea’s Kospi index, Tokyo’s Nikkei-225 and Hong Kong’s Hang Seng settled in the positive territory. Shanghai SSE Composite ended marginally lower. Markets in Europe were trading significantly higher. US markets bounced back sharply on Tuesday. Nasdaq Composite surged 2.71 per cent, Dow Jones Industrial Average jumped 2.66 per cent and S&P-500 rallied 2.51 per cent. Foreign Institutional Investors (FIIs) bought equities worth Rs1,290.43 crore on Tuesday, according to exchange data.